Fed to persist with insurance capital proposals
Quarles indicates Fed will follow through on building block approach designed by previous board
Randal Quarles: building block approach “is important because it reflects the very different business models, and both prudential and financial stability characteristics of those different subsidiaries”
The board of governors at the US Federal Reserve is committed to a proposal for insurance capital originally drafted under previous Democrat appointees and will issue a proposed rulemaking “in the not too distant future”, according to the Fed governor for supervision, Randal Quarles.
In June 2016, the then Fed chair Janet Yellen and governor Daniel Tarullo unveiled an advance notice of proposed rulemaking (ANPR), which set out a “building block approach” to regulating insurers that own
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